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PCL share price gains 14 % in 6 months

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CHIGWE—Shareholders anticipate improved
performance

Share price for listed Press Corporation plc peaked up by 14 percent within six months from March 2022 on the 16-counter Malawi Stock Exchange (MSE).

According to an MSE Daily Trading Report, an ordinary PCL share was trading at K2181.41 as at October 5 from K1,900 in March.

This means investors who bought the shares in March and sold them in October could be making K282.41 profit on each share.

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In an interview, PCL acting Chief Executive Lyton Chithambo said the performance signifies the confidence the market has in the conglomerate.

He said the company has been enhancing its operational efficiencies and efforts in searching for new investment opportunities.

“These initiatives and the clear positive impact of the same, as reflected in the half year results, means that the market has enhanced confidence in the PCL brand and its leadership.

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“PCL is poised to continue focussing on growth with the aim of enhancing shareholder value while making meaningful impact on the operating environment through impactful interventions,” Chithambo said.

The group posted a 24 percent growth in its post-tax profit for the half year ended June 30 2022 to K15.98 billion compared to K12.87 billion posted during the same time last year.

The growth in profitability has been attributed to an 11 percent growth in revenue, improved gross profit margin by 4 percent and successful implementation of cost containment measures.

The group’s board of directors resolved that the company should pay an interim dividend of K841.79 million from K721.20 million during the same period last year, representing K7.00 per share from K6.00 per share in 2021.

Market analyst Cosmas Chigwe hailed the company for the positive performance, saying amid a harsh operating environment, some of the firm’s subsidiaries are performing comparatively well.

“Looking at the size of PCL, with the number of companies it has, shareholders anticipate improved performance.

Therefore, there is still room for improvement for the group,” he said.

PCL subsidiaries include National Bank of Malawi, TNM, Press Properties, Ethanol Company.

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